JSW Cement gets Rs 400 crore loan from MUFG Bank

3 Oct 2022 , 02:39 PM

To finance the company’s capacity development plans, JSW Cement said on Monday that it would raise Rs 400 crore through a sustainability-linked loan from MUFG Bank India.

According to JSW Cement, MUFG Bank served as both the sustainability loan coordinator and the required lead arranger and bookrunner for this transaction. The second party opinion (SPO) was offered by DNV Business Assurance India.

In August, MUFG opened a new office in Gujarat International Finance Tec City (GIFT City), and this was the company’s first transaction from there.

The money raised will assist the cement manufacturer in achieving its stated goal of increasing capacity from 17 million tonnes per year to 25 million tonnes per year by FY25.

JSW Cement has raised money three times in the past 15 months. In December of last year, the State Bank of India lent Rs100 crore, and in July of 2021, Apollo Global and Synergy Metals Investments lent Rs1,500 crore.

According to Parth Jindal, managing director of JSW Cement, who talked to ET, the sustainability-linked loan reinforced the company’s goal of pursuing sustainable corporate growth.

Being one of the worst polluters, the cement industry must transition to sustainable practices and products.

Industrial waste is used as a feedstock by JSW Cement to make cement. This comprises the slag produced by JSW Steel, the group’s primary business.

For feedback and suggestions, write to us at [e-mail]